Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-05-06-Speech-3-090"
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"en.20090506.3.3-090"2
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"Mr President, firstly may I thank in particular the rapporteurs, Mr Karas and Mr Hoppenstedt, and others for their dedication in finding compromises in these two particular areas.
As regards the Hoppenstedt report, the positive outcome of Coreper this morning paves the way for an adoption at first reading. An agreement on this strategic initiative is very welcome because it sends the right signal: a signal of our determination to respond to the financial crisis, to strengthen financial supervision and to improve the standard assessing process for financial reporting and auditing. But this is only a first step in a very long process. In the months to come, I look forward to continuing this work with you in the new Parliament.
On securitisation, we all agree that the 5% retention requirement is a first step. The Basel Committee will work on quantitative retention. This has been required by the G20. The European Union is ahead of the curve, and we will contribute to bringing about further consistency at global level.
Let me just make a point concerning securitisation. Mrs Bowles made a pretty strong contribution in this regard. She is very much for securitisation and pointed out the good aspects of it and the amount of money that is contributed to the capital markets for small and medium-sized enterprises and to lenders at large in all Member States of the European Union. In case there is any impression that I do not see the benefits of securitisation over the years, may I say that I certainly do! In my previous capacity, and long before I came here, I was aware of the benefits of securitisations. However, the issue is what proportion the originating securitiser should hold in that particular matter. I accept what Mrs Bowles said: that in future a holding of whatever percentage will attract a capital charge. One cannot be certain as to when the current financial crisis will end. But, irrespective of when that end is going to be, I think we can be absolutely certain in years to come that financial institutions will be required, at all levels, to hold more significant and more quality capital against their lending. I will not be here – but many of you will – but, whatever the end is, that will be the inevitable outcome of this particular financial crisis – not immediately, not maybe in the medium term, but in the longer term that will be a certainty. If I looked into my crystal ball, that is what I would see in years to come. So it is the percentage which is being debated. People know my views on this. I have held very strong views on this for a long period of time.
Various amendments have been put forward during the Council of Ministers stage and with the European Parliament about different ‘outs’ on one thing and another, which my officials, at my request, are very, very strongly against, because I strongly believe in the very simple proposition that 5% of something is better than 55% of zero. The more outs that there are – we can have 5%, 10%, 15% – 15% of zero is still zero. That is why I welcome the opportunity that the Commission in its report by the end of this year will come back to this particular matter in order to ensure that the wording is fairly tightened up. I am strongly of that view because I do not wish to see particular outs. But I readily appreciate what Mrs Bowles and others have said regarding the merits of securitisations for the capital market. I hope I have never given the impression that I did not.
Finally, may I, too, join with the President in wishing those Members who are retiring well in their future careers, whatever they might be. I have known most of them in some capacity or other in my five years here and I appreciate their contributions, even though I have not always agreed with them. I suppose I should not single out any one person, but I would like to make special mention of Mr Purvis in this regard. I always found his advice to be wise, measured, considered and not dogmatic, and I wish him, in particular, a very successful future."@en1
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